INV Metals Provides Exploration Update on the Rio Novo Property, Brazil
TORONTO, ON – OCTOBER 8, 2010 – INV Metals Inc. (“INV Metals” or “Company”) (TSX: INV) is pleased to provide an exploration update on the Rio Novo property, located in the prolific Carajás mineral province of Brazil. INV Mineração Ltda., a wholly owned subsidiary of the Company, is currently earning a 50% interest in the property from Teck Brasil Mineração Ltda, (“Teck”).
Rio Novo North
The Rio Novo North property is contiguous to and located two kilometres west of the historic Serra Pelada gold-platinum-palladium deposit which is currently being developed by Colossus Minerals Inc. Serra Pelada, discovered in 1979, hosted the largest ever gold rush in Latin America. During the 1980s, an estimated two million ounces of gold plus platinum and palladium were produced from the Serra Pelada mine. INV Metals’ Rio Novo property hosts geology similar to that at the Serra Pelada deposit; Archean metasediments of the Rio Fresco Group, intruded by several ages of mafic-ultramafic and granitoid plutons.
INV Metals recently completed an infill soil sampling program at the eastern portion of the Rio Novo North target and is currently conducting an auger drill program in the western portion of the property to help define a drill program planned to commence later in the year, subject to the rainy season.
The results of the infill soil sampling on the eastern portion of the property, approximately 2.5 kilometres to the west-northwest of Serra Pelada, indicate the presence of a strong multi-element soil anomaly, up to 350 metres wide and 1,000 metres long. One soil sample returned very anomalous values of 290 parts per billion (ppb) gold, 170 ppb palladium, and 40 ppb platinum, while other samples returned gold values ranging up to 422 ppb (the platinum and palladium analyses are pending). These results are considered to be highly anomalous and warrant drill testing as the background soil values on the property for gold, platinum and palladium are nil to trace. A strong electromagnetic conductor also occurs along the northern edge of the soil anomaly. See Figure 1 for further details.
Rio Novo South Drill Program
INV Metals has completed 16 holes of a planned 18 hole, 4,300 metre diamond drill program to test two copper-gold target areas at the Rio Novo South property. Broad zones of highly anomalous copper, grading up to 1.1% copper over 5.1 metres and 0.39% copper over 32.7 metres were intersected, within pervasively altered host rocks.
Robert Bell, CEO commented, “A review of the drill analyses and a detailed review of the drill core has confirmed our belief that the Rio Novo South property has significant potential to host large copper deposits similar to those in the Carajás region. Broad zones of highly anomalous copper mineralization were intersected within intensely altered host rocks, with the rock type and alteration similar to those at copper-gold deposits within the Carajás camp, such as the Salobo and Sossego deposits. INV Metals is currently preparing an exploration program and budget for 2011 to further evaluate the extensive land position in one of the premier mining camps in the world.”
A nine hole drill program is in progress at the RN-5 target to test a variety of copper in soil geochemical anomalies. To-date analyses for two holes have been received by INV Metals, the results of which are disclosed in Table 1. Holes 44 and 45 were targeted to crosscut a unit interpreted to be responsible for copper, gold and lanthanum soil anomalies. Patches and veins of chalcopyrite were intersected within a strongly hydrothermally altered iron formation. There has been insufficient drilling to determine the true width of the intervals reported. The drill program is targeted to be complete by late-October. The results of the remaining holes will be reviewed, interpreted and released when received.
Table 1: RN-5 Drill Results, intersections >0.2% copper
|Hole No.||From (m)||To (m)||Interval (m)||Cu (%)||Au (g/t)|
Nine holes were drilled to test the RN-11 target, comprised of a 2.4 kilometre long by 400 to 500 metre wide copper in soil geochemical anomaly, roughly coincidental with gold and cobalt soil geochemical anomalies, as well as a magnetic anomaly, and partially coincidental with a moderate Induced Polarization geophysical anomaly.
Copper intersections greater than 0.2% copper, or the best interval per drill hole, are listed in Table 2. The mineralization occurs as veins, disseminations and discrete patches of chalcopyrite within strongly altered host rocks comprised of garnet-chlorite-biotite-magnetite-actinolite schists, interpreted to be originally metasediments and iron formation, in contact with a very siliceous quartzite, which also contains disseminations and stringers of chalcopyrite, pyrite and locally arsenopyrite. Although the drill holes intersected the host rocks roughly perpendicular to their dip, there has been insufficient drilling to assume that the mineralized intervals are approximately true width.
Table 2: RN-11 Drill Results
|Hole No.||From (m)||To (m)||Interval (m)||Cu (%)||Au (g/t)|
Quality Assurance — Quality Control Procedures
Samples are identified during the logging process. After sawing the core in half, samples are collected representing at least a 0.5 meter length and a maximum of 2.0 meters of half core. Samples are collected in a clean, unused, transparent plastic bag, which is assigned a unique sample number and a pre-printed paper sample ticket protected in plastic, placed inside. The downhole depth of each sample is hand written in a specific file and also in a spreadsheet tracking every hole. INV Metals’ employees are responsible for sampling and the insertion of blanks and certified standards every 20 samples.
Once samples are cut and bagged they are sealed and the appropriate laboratory sample preparation and analysis requisitions are prepared. Samples from holes 35 to 39 were transported to SGS Geosol Laboratórios Ltda.’s preparation laboratory located in Parauapebas, Brazil at 50 B Street, Cidade Nova, for sample preparation. Preparation of the samples consisted of drying, crushing to 2 mm and pulverizing 300 gm using a carbon steel mill until 95% of the sample passes -150 mesh. The pulverized sample was then split to 50 grams. The 50 gram pulverized samples were packaged in sealed, labelled plastic bags with a pre-printed sample ticket showing the unique sample number placed in the bag.
Samples were then transported by SGS Laboratory personnel to SGS GEOSOL Laboratórios Ltda.’s analytical laboratory located in Rodovia MG 010, Km 24, 5, Bairro Angicos, Vespasiano, Minas Gerais, Brazil, where duplicates, replicates, blanks and certified standards were inserted by laboratory employees, in addition to the INV Metals blanks and standards, to monitor contamination and accuracy of the analyses. After a four acid “near total” digestion, samples were analyzed for 36 elements using ICP-OES, and gold by fire assay atomic absorption (50g fusion). Over limit samples containing >10,000 ppm copper were then subjected to a four acid “near total” digestion followed by atomic absorption analysis.
A review of the results of quality control standard sample analyses in drill holes DD-0035 through DD-0039 showed that in many cases copper values range from 7% to 17% below the mean value of the standard reference sample. Analysis of samples adjacent to standards returning low copper values may be similarly affected. However, the magnitude of the assay results is such that this would not materially affect the intersections reported and INV’s Qualified Person, Mr. Scott Jennings, has advised that the assay results are acceptable for disclosure.
Samples from holes 40 to 45 were transported in raffia bags sealed with lock ties by Helios Coletivos e Cargas Ltda freight company (Rua Alceu Veronezi s/n, Box 7, Estação Rodoviária, Redenção, Pará) to Acme Analítica Laboratories Ltda preparation laboratory located in Aparecida de Goiânia, Brazil at Av. Nossa Senhora de Lourdes, Qd.46 Lt. 01 to 06 – Vila Santa, for sample preparation. Preparation of the samples consisted of drying, crushing to 2 mm and pulverizing 300 gm using a carbon steel mill until 95% of the sample passes -150 mesh. The pulverized sample was then split to 50 grams. The 50 gram pulverized samples were packaged in sealed, labeled plastic bags with a pre-printed sample ticket showing the unique sample number placed in the bag.
Samples were then transported by Acme Analítica Laboratories personnel to Acme Analytical Laboratories (Vancouver) Ltd.’s analytical laboratory located in 1020 Cordova St. East, Vancouver, BC, Canada, or Acme Analytical Laboratories S.A.’s analytical laboratory located in Av. Claudio Arrau 7152, Pudahuel, Santiago, Chile, depending on the analytical method to be applied. Once in the analytical lab, sample batches have duplicates, replicates, blanks and certified standards inserted by laboratory employees, in addition to the INV Metals blanks and standards, to monitor contamination and accuracy of the analyses. After a four acid “near total” digestion, samples were analyzed for 36 elements using ICP-OES, and gold by fire assay atomic absorption (30g fusion). Over limit samples containing >10,000 ppm copper were then subjected to a four acid “near total” digestion followed by ICP-ES analysis.
Consulting firm Scott Wilson Roscoe Postle Associates Inc. of Toronto was contracted to carry out a review of INV Metals’ quality assurance — quality control program and procedures, and has advised that the procedures in place meet or exceed industry standards. All scientific and technical information contained in this press release has been reviewed and verified by, and the press release has been prepared under the supervision of, Mr. Scott Jennings, a “qualified person” within the meaning of National Instrument 43-101.
Potential quantity and grade is conceptual in nature. There has been insufficient exploration to date to define a mineral resource on the Rio Novo property and it is uncertain if further exploration will result in such property being delineated as a mineral resource.
About INVTM Metals
INVTM Metals is an international mineral resource company focused on the acquisition, exploration and development of base and precious metal projects in Brazil, Namibia and Canada. Currently, INVTM Metals’ primary assets are: (1) its option to acquire 50% of the Rio Novo property, located in Brazil, (2) its option to acquire 50% of the Kaoko property, located in Namibia, (3) its 100% owned Itaporã gold properties, located in Brazil and (4) its option to acquire 50% of the Thorne Lake gold property, located in northwestern Ontario. Please also refer to INVTM Metals’ Management’s Discussion and Analysis dated August 4, 2010, available on SEDAR at www.sedar.com and the corporate presentation on INVTM Metals’ website at www.invmetals.com to view additional details relating to the properties.
This press release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond INV Metals’ ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. There is no guarantee that any drill targets or economic mineral deposits will be found on INV Metals’ properties. Forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of INV Metals to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks related to the actual results of current exploration activities, conclusions of economic evaluations, risks associated with mining and mineral exploration activities, uncertainty in the estimation of mineral resources, changes in project parameters as plans continue to be refined, future prices of metals, economic and political stability in Canada, Namibia and Brazil, environmental risks and hazards, increased infrastructure and/or operating costs, availability of future financing, labour and employment matters, and government regulation. For a more detailed discussion of such risks and other factors, refer to INV Metals’ annual information form with Canadian securities regulators available on www.sedar.com or INV Metals’ website at www.invmetals.com.